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Genting Singapore 1st-Quarter Profit Jumps

SINGAPORE – Genting Singapore PLC (G13.SG) Friday reported a surge in its net profit for the first quarter after the casino and resorts operator improved its margins and sold a stake in a project in South Korea.

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Net profit in the January-to-March quarter was 181.1 million Singapore dollars (US$128.7 million), compared with S$10.8 million in the same three months of last year. Revenue fell 3.5% on year to S$586.6 million, Genting said in a statement to the Singapore Exchange.

Genting said its profit margin improved in the quarter, driven by lower impairment of receivables as it adopted a "measured" credit policy and gave incentives for early repayment. The company's hotels achieved an occupancy rate of over 92%.

The company also sold a 50% stake in an integrated resort in Jeju in South Korea, making a gain of $96.3 million, it said.